Cash management startup Trovata.io has concluded its $20m Series A funding round led by Wells Fargo Strategic Capital (WFSC).

The funding round was also joined by new investors including Capital One Ventures and Pivot Investment Partners.

The company’s existing backers JP Morgan and FINTOP Capital also participated in the latest financing round.

Trovata.io said it will use the fresh funds to deliver new services, boost multi-bank APIs’ rollout globally, and add more bank distribution partners.

Moreover, the company will also continue to drive digital transformation in corporate treasury.

Launched in 2019, Trovata is a big-data platform built on the open banking technology, which eliminates the need for IT support and enables self-setup.

This enables the company to automate cash reporting, analysis, and forecasting with the ability to aggregate bank balances and transactions in real-time, for businesses.

Companies can see how much cash they have, manage their cash flow, and create and maintain accurate forecasts.

Trovata founder and CEO Brett Turner said: “We are thrilled to expand our investment team with more banking and fintech insiders who know exactly what we are disrupting, that the tipping point is near, and how profound a role Trovata can play in wholesale banking and treasury services.

“This round, along with our stellar team of investors, partners and employees, will help us deliver a tremendous year for our clients in 2021.”

Wells Fargo Strategic Capital MD Basil Darwish said: “We are keen on how technology is reinventing the treasury function into a modern, insight-driven operation that helps our clients deliver on their business strategy.

“Trovata provides distinctive technology and a client-centric approach to automating treasury services, and we are excited to support their ongoing growth with this investment.”